WarningCertificates are complex financial products subject to volatility in price and to the risk associated with the financial markets. It would be advisable for potential investors to have some experience in investing in the financial markets and to be aware of the volatility of the markets. Before purchasing the product, you are required to read the Key Information Document available at millenniumbcp.pt, at the issuer's registered office, at Euronext Lisbon www.euronext.com or at www.cmvm.pt.

Millennium bcp Certificates

Stock Indexes - join the world stock markets

Certificates on indexes may prove appropriate for medium and long term investments in the stock markets due to their potential profitability and the diversification that characterize their components. They also enable you to take advantage of short term variations in the quotations of those markets or of other reference assets.

WarningCertificates are complex financial products subject to volatility in price and to the risk associated with the financial markets. It would be advisable for potential investors to have some experience in investing in the financial markets and to be aware of the volatility of the markets. Before purchasing the product, you are required to read the Key Information Document available at millenniumbcp.pt, at the issuer's registered office, at Euronext Lisbon www.euronext.com or at www.cmvm.pt.

WarningCertificates are complex financial products subject to volatility in price and to the risk associated with the financial markets. It would be advisable for potential investors to have some experience in investing in the financial markets and to be aware of the volatility of the markets. Before purchasing the product, you are required to read the Key Information Document available at millenniumbcp.pt, at the issuer's registered office, at Euronext Lisbon www.euronext.com or at www.cmvm.pt.

Euronext Technical Notes

WarningCertificates are complex financial products subject to volatility in price and to the risk associated with the financial markets. It would be advisable for potential investors to have some experience in investing in the financial markets and to be aware of the volatility of the markets. Before purchasing the product, you are required to read the Key Information Document available at millenniumbcp.pt, at the issuer's registered office, at Euronext Lisbon www.euronext.com or at www.cmvm.pt.

Taxation

Individuals

Income deriving from certificates is subject to taxation under the Individual Income Tax (in Portuguese, IRS). In the case of certificates that provide their holder the right to receive the value of a determined underlying asset, said income is considered capital gain for IRS purposes.

Residents

The positive annual balance between realized capital gains and losses of certificates and other securities and financial assets is taxed at the special IRS rate of 28%, without damaging the option for their aggregation and taxation at progressive rates that, in 2017, may reach 48%, plus an additional tax of 2.5% or 5% in the brackets with taxable income exceeding € 80,000 and € 250,000, respectively. A 3.5% surcharge may also be applicable, according to the following table:

Taxable Income

Tax Rate

As from € 20,261 up to € 40,522

0.88%

As from € 40,522 up to € 80,640

2.75%

Higher than € 80,640

3.21%

Non-residents

The positive annual balance between realized capital gains and losses with certificates and other securities and financial assets is taxed at the special IRS rate of 28%. In the case of capital gains resulting from the sale of certificates, they are exempted from IRS, except for individuals residing in a country, territory or region subject to a more favourable taxation scheme, as per Ordinance 150/2004, of 13 February.

In accordance with the convention of the double taxation agreements entered into by Portugal, the Portuguese State is generally limited in its competence to tax those capital gains concerning individuals that reside in the country that signed the agreement with Portugal, but that conventional tax treatment must be assessed on a case-by-case basis.

Legal Persons

Income from certificates is subject to the Corporate Income Tax (in Portuguese, IRC).

Residents and non-residents with a permanent establishment in Portugal

Returns earned by legal persons residing in Portugal, or non-residents with a permanent establishment in Portugal to which these returns are attributable, are subject to the IRC rate of 21%. A municipality tax rate that may reach 1.5% may also be applied to the taxable capital gain. A state tax surcharge of 3% also applies to the portion of the taxable capital capital gain exceeding €1,500,000 up to €7,500,000, 5% to the portion of the taxable capital gain exceeding €7,500,000 up to €35,000,000, and 7% to the portion of the taxable capital gain exceeding €35,000,000.

Non-residents without a permanent establishment in Portugal

The positive annual balance between realized capital gains and losses with certificates and other securities and financial assets is taxed at the IRC rate of 25%. In the case of capital gains resulting from the sale of certificates, they are exempted from IRC, except in the case of entities, directly or indirectly owned (more than 25%) by resident entities and of entities domiciled in a country, territory or region subject to a more favourable taxation scheme, as per Ordinance 150/2004, of 13 February.

In accordance with the convention of the double taxation agreements entered into by Portugal, the Portuguese State is generally limited in its competence to tax those capital gains concerning entities that reside in the country that signed the agreement with Portugal, but that conventional tax treatment must be assessed on a case-by-case basis.

This information is a summary of the general tax scheme in force on the date this information is disclosed. It may be amended and does not dispense with the need to read the applicable legislation.

WarningCertificates are complex financial products subject to volatility in price and to the risk associated with the financial markets. It would be advisable for potential investors to have some experience in investing in the financial markets and to be aware of the volatility of the markets. Before purchasing the product, you are required to read the Key Information Document available at millenniumbcp.pt, at the issuer's registered office, at Euronext Lisbon www.euronext.com or at www.cmvm.pt.

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